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Otedola Raises FBNH Stake With Over N18bn Shares

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The Chairman of FBNHoldings, Femi Otedola, has increased his stake in the business as he acquired 2,029,376,358 units of shares valued at N18.95bn on Thursday.

This was disclosed in corporate filings on the Nigerian Exchange Limited, the platform through which the shares were acquired.

According to the filings, Otedola acquired 316,506,776 units of FBNHoldings shares directly at N21.91 per unit. This brings the deal to about N6.93bn.

Indirectly through a company related to him, Calvados Global Services Limited, Otedola bought 546,674,034 units at N21.97 each. The acquisition was worth N 12.01bn.

With this acquisition, Otedola has bumped his holdings in the banking group higher than the percentage he held as of December 2023.

According to the recently released audited result of the bank, Otedola held 40,033,982  (0.11 per cent) directly and 1,989,342,376  units (5.54 per cent) as of December, lower than the 3,110,400,619 units (8.67 per cent) directly held by Barbican Capital Limited, a company related to businessman and former Chairman of the bank, Oba Otudeko.

In a notice on July 7, 2023, FBN Holdings said it received a notification also dated July 7, 2023, from Honeywell Group Limited, that its affiliate, Barbican Capital, acquired 4,770,269,843 units of shares or 13.3 per cent stake; indicating the return of Otudeko to the institution, where he had once been a chairman.

Barbican Capital’s investment was recognised in the banking group’s 2023 unaudited statements released earlier in the year and was indicated as verified at 8.67 per cent holding by the CBN in its audited results.

Otedola emerged as chairman of FBN Holdings on January 30.

The Board of FBNHoldings appointed Otedola as a Non-Executive Director of the company in July 2023. His appointment was approved by the CBN and, subsequently, the shareholders at the Annual General Meeting held on August 15, 2023.


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